Online Only Commercial Real Estate Auction
102 W. Depot Street, Colchester, IL 62326
Begins: July 21, 2026 @ 12:00 p.m. – Ends: August 11, 2026 @ 6:00 p.m.
Don't miss this opportunity to purchase a historic brick commercial building situated on a corner lot in downtown Colchester, Illinois. Offering exceptional curb appeal and outstanding visibility, this two-story building presents potential for investors, developers, or entrepreneurs looking to restore a classic commercial property.
The building features an attractive brick exterior and occupies a highly visible corner location with excellent access. While the interior is in need of significant renovation and updating, the property offers the chance to transform a landmark building into retail, office, mixed-use, or other commercial space, subject to applicable zoning and local regulations.
Due to the quantity of remaining personal property and the condition of the building, portions of the interior—including the second floor—have not yet been fully accessed or inspected. The property is being sold AS-IS, WHERE-IS, with any remaining personal property, debris, and contents transferring to the successful purchaser at closing.
Whether you're seeking your next restoration project or an investment with long-term upside, this downtown Colchester property offers an outstanding opportunity to bring new life to a highly visible commercial building.
Bid your price at online auction!
📍 Location: Online Only: 102 W. Depot Street, Colchester, IL
🗓 Auction Dates: July 21, 2026 - August 11, 2026
💻 Bidding: Online only at www.KelsoRhoades.com
📞 Showings: Open House: TBD
Boundaries and acreage are approximate. All information is believed to be accurate but is not guaranteed. Buyers are encouraged to conduct their own due diligence prior to bidding. The property will sell base on a “lump sum” price”.
Auction Terms: Property will sell as-is. All prospective buyers are encouraged to perform all due diligence prior to bidding. Possession shall be given to the buyer at closing, free of any tenancy.
For additional information, or private tours, please call us at (309) 647-8811. To register to bid on this property, please go to www.KelsoRhoades.com
Buyer’s Premium: 6%
Address: 102 W. Depot Street, Colchester, IL 62326
Tax ID’s: 05-000-487-00
Legal: TWP: E 23' S 1/2 LOT 8 BLK 5 OLD TOWN
Lot Size: 23’ x 60’
Property Taxes (2025, payable in 2026): $897.74
Water/Sewer: Public Water/Public Sewer
Seller: Eugene V. Solot Estate
Representing Attorney: Ryan M. Krisher - Bougher, Krisher & Clark, Attorneys at Law, P.C.
TERMS:
DISCLAIMER: Property is selling as-is, where-is with all faults and is selling subject to easements, leases, restrictions, covenants, conditions, zoning, HOA and POA fees and all other matters which would be revealed by a current survey or an inspection of the property or which is contained in public records. Seller reserves the right to cancel the sale and also reserves the right to reject any and all bids. Property will be conveyed by a Warranty Deed. Information contained herein was obtained from sources deemed reliable. The seller and their agents reserve the right to place bids on the property up to the seller's reserve at their sole discretion. All offers are subject to the approval of the seller. The property will sell as-is, where-is with no warranty, expressed or implied, as to improvements, soil condition, environmental and wetlands, or zoning. Neither the seller, Kelso Rhoades Real Estate Auction Group, nor their agents will be responsible for any errors or omissions herein. Bidders should carefully verify all information and make their own decisions as to the accuracy thereof before submitting their bid. Purchaser or purchasers representative will acknowledge by signature of the real estate sales contract they have inspected the property. The terms of the real estate sales contract are controlling in the event of any perceived inconsistency between its terms and any statements or other advertisement.
CONTINGENCIES: This sale is not contingent on Purchasers ability to obtain financing, or subject to any home, radon, lead-based paint, septic, mold, or other inspections.
POSSESSION: Purchaser will receive possession at closing, which will be on or before September 8, 2026, at the law offices of Bougher, Krisher & Clark, 32 W. Side Square, Macomb, IL 61455.
No New Survey: The Property shall be conveyed by the existing legal description.
Equal Opportunity Clause: All bidding is open to the public. The property is available to qualified purchasers without regard to a prospective purchasers race, color, religion, sex, material status, national origin, or physical handicap.
Debt Collection and Interest Charge: The bidder agrees to pay all reasonable attorney fees and other costs incurred by Kelso Rhoades Real Estate Auction Group in its efforts to collect unpaid funds from the bidder. Any debt collection or dispute proceedings will be heard in McDonough County, Illinois.
Buyer’s Premium: This auction has a 6% buyer’s premium, which will be paid by the buyer as part of their closing expenses, to Kelso Rhoades Real Estate Auction Group.
Guaranty Agreement: By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees payment of any bid amount not paid when due by the business entity or corporation, for any reason, together with all collection expenses incurred to enforce collection, including a reasonable attorneys fee.
Closing expenses: The seller will be responsible for the title search and at closing will issue a commitment for title insurance to the buyer, in the amount of the purchase price. The seller will also pay for preparation and transfer of the deed, transfer taxes and one-half of the actual closing fee. At closing, the seller will issue a credit to the Buyer for the entirety of the 2025 real estate taxes, as well as the prorated share of the 2026 real estate taxes. All future real estate taxes will be the responsibility of the Buyer.
Terms for Online Bidding: The online registration will need to be completed. The successful online bidder will be notified immediately following the closing of the auction and a time will be set to either sign the real estate sales contract in person or electronically, neither which will take place later than August 12, 2026. The terms of the real estate sales contract will take precedence of any claims made in this notice. At the time of executing the sales contract, earnest money in the amount of $2,500.00 or 10% of the sales price (whichever is greater) will be collected in the form of check or certified funds. The balance of the contract price will be paid in full at closing, which will be scheduled for no later than September 8, 2026. If you have any questions, please call our office at 309-647-8811.
AGENCY: Rhoades Real Estate & Land Auction Services, Inc. DBA Kelso Rhoades Real Estate Auction Group, auctioneer/broker, is acting exclusively as agent for the seller.